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please include cost of goods sold entry as well. thank you. Required information Exercise 6-9 (Algo) Record transactions using a perpetual system (LO6-5) [The following
please include cost of goods sold entry as well. thank you.
Required information Exercise 6-9 (Algo) Record transactions using a perpetual system (LO6-5) [The following information applies to the questions displayed below] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,200, terms 2/10, n/30. May 3 Pays cash for frelght costs of $290 on books purchated from Readers. Nay 5 Returns books with a cost of $350 to Roaders because part of the order is Ineorzect. Nay 10 pays the full amount due to Readers . May 30 sells all books purchased on May 2 (less those returned on May 5 ) for \$4, 900 on account. Exercise 6-9 (Algo) Part 1 equired: Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is required for a ransaction/event, select "No Journal Entry Required" in the first account field.) Step by Step Solution
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